Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 19 years ago,

User Stats

1
Posts
0
Votes
N/A N/A
0
Votes |
1
Posts

problems with co-ownership

N/A N/A
Posted

I have a sister who is married and lives in Canada; I live in a townhouse that my mom owned and she lived with me. My mom passed away last month leaving me and my sister as co-owners of the townhouse. Although my mom's will stated that all her assets be sold upon her death (including the TH), it did not have to happen immediately; no one was throwing me out on the street just to sell the property. Besides, we have been remodeling for the past 2 years and only have the loft and a bathroom left which we want to complete before putting it on the market. Logically, we should each pay half the mortgage ($1050/mo), utilities, etc and then split the profit after the TH is sold. However, my sister does not have the money to do this. Moreover, she and her husband both fervently believe that even if I pay half the mortgage, I should also be paying rent (amount to be determined) since I am living in the TH. No one has been able to explain who gets this "extra" rent money but they both say it is necessary since no one can rent a place like this for $500/mo. Frankly, I think I should be paid a management fee for living in and caring for the place. I have tried to explain that we get equity in the house as the mortgage gets paid and we both benefit when the house is sold; also, my sister comes into town and stays here for rather lengthy visits whenever she wants so its not like she's not benefiting from her investment, too. She is also against paying half because she claims she pays rent in Canada...which is not quite true as her husband is the only one who works so she doesn't contribute one dime to her rent there. My sister claims she's not trying to make any money off me but I find that hard to believe. I say she is clueless as to how mortgages work versus paying rent. Am I missing something here? Can someone suggest what would be fair to both parties? Thanks for any help you can provide.